The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1887-12-07
|5ROVER'S MESSAGE
Briefest Ever Made
to Congress.
GOOD, SOUND SENSE.
The Topics are the Tariff and
the Revenue.
He RECOMMENDS REFORM.
Some Good Suggestions that Con-
gress VIII do Well to Take
to Heart.

To the Congress OF the United States:
You are confronted at the thresh-
old of your legislative duties with
condition of the national finances
which imperativelyde immediate
and careful consideration. The amount
of money annually received through
the operation of present laws from
the industries and necessities of the
people, largely exceeds the sum neces-
sary to meet the expenses of the gov
eminent. When we consider that the
theory of cur institutions guarantees
to every citizen the full endowment of
the fruits of his industry and enter
prise, with only such deduction as may
be MS share towards the careful and
economical maintenance of the gov
eminent which protects him, it is plain
that the exaction of more than this IS
indefensible and culpable betrayal
OF fairness and justice. This wrong
inflicted upon those who bear the bur-
den of national taxation, like other
wrongs, multiplles a brood OF evil
consequences. The
PUBLIC TREASURY,
which should only exist as conduit
conveying the peoples tribute to its
legitimate objects of expenditure, be-
comes q boarding place for money
needlessly Withdrawn from trade and
the peoples use, thus Gripping our
national energies, usurping our coun-
try's development, preventing Invest
ment in productive enterprises, threat
ening financial disturbance and inVlt-
ing schemes of public plumber. This
condition of our treasury is not alto
gether new; and it has more than once
Of late been submitted to the peoples
representatives in the Congress VINO
alone can supply remedy, and yet the
situation still continues with aggra-
waited incidents, more than ever pre-
saying financial CONFUSION and wide
spread disaster. It will not do to
neglect this situation because its dam
gers are not now palpably imminent
and apparent. They exist none the
less certainly, and the unforeseen and
UNEXPECTED OCCASION
must come when suddenly they will be
precipitated upon US.
On che Both day of June, 1885, the ex-
cess of revenue over public eXpendl-
lures, after complying with the annual
requirement of the sinking fund act,
was 81 1853, 1884; during the year
ended June 80, 1886, such excess
amounted to $40, 400, 545 30, and during
the year ended June 80, 1887, it reached
the sum of $50, 567, $40 "a The annual
contributions to the sinking fund dur
ing the three years above speclhed,
amounting in the aggregate to S138,
e5S, 1920 81, and deductions from the
surplus, as stated, were made by call
ing in for that purpose the outstanding
saree per cent bonds of the govern
ment. During the six months prior to
June 80, 1887, the
SURPLUS REVENUE
had grown so large by repeated accu-
mutations, and it was feared the with
draWal of this great sum of money
needed by the people would 80 affect
the business of the country, that the
sam of $40, 1854, 100 of such surplus was
applied to the payment OF the principal
and interest of the three per cent bonds
still outstanding, and which were then
payable at the option OF the govern
ment. The precarious condition OF
financial Affairs among the people still
needing relief, Immediately after the
30th day of June, 1887, the remainder of
the three per cent bonds then out
standing, amounting with principal
and interest to the sam of SIS, 800,
were called in and applied to the sink
ing fund contribution for the current
fiscal year. Notwithstanding
THHsE OPERATIONS
of the Treasury Department, repre-
sensations of distress in business cir
cles net only continued bat increased
and absolute peril seemed at hand. In
these circumstances the contribution
to the sinking fund for the current
fiscal year was at once completed by
the expenditure of S27, 1884, 283 .55, ia the
purchase of government bonds not yet
due bearing and AZ per cent interest,
the premium paid thereon averaging
about "a per cent fer the former and s
per cent for the latter. In addition to
this the interest account accruing dur
ing the current year upon the out
standing bonded indebtedness of the
government was to some extent anticl-
pated and the banks selected as depo-
STORIES of the public money were per-
mitted to somewhat increase their de-
posts. While
THE EXPEDIENTs
thus employed to release to the people
the money lying in the treasury served
TO avert Immaculate edHgSri our sur
plus revenues have continued to &C
eamulate, the excess for the present
wear amounting in the first day of De-
eember to SD, 25s, 81 Is, and estimated
TO reach the SUM of $11, 100000 on
she Goth of June next, at which
date it is expected that this
sum added to prior accumulations will
swell the surplus in the treasury to
S140, 000,0 0G. There seems to be no as
sarance that with such withdrawal
from use of the peoples circulatin
medium, our business community may
not ia the near future be subjected to
the same distress which was quite
lately produced from the same ;cSuse,
and while the functions of our nation
al treasury should be few and simple
and while its best condition would be
reached, believe,by its entire discoR-
uection wish